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MOL announces update on Iraq exploration

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Hungarian oil and gas company MOL on Monday announced initial testing results of an appraisal well in the Shaikan Block in the Kurdistan region of Iraq.

The Shaikan-4 appraisal well achieved a flow rate of 563 barrels of oil per day (bopd) and 3.65 mmscf/d of gas at a 328 psi flowing wellhead pressure in the first test. In the second test, which is ongoing, the well achieved a flow rate of 4970 bopd and 7.0 mmscf/d of gas at a 1101 psi flowing wellhead pressure with initial results indicating a 39 degree API fluid.

MOL also said it spudded another appraisal well in the Akri-Bijeel Block.

MOL’s wholly-owned unit Kalegran holds a 20% stake in the Shaikan Block. Kalegran’s stake in the Akri-Bijeel Block is 80%.

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